Taiga Announces Renewal and Expansion of its Senior Credit Facility to $250 Million
June 29 2018 - 9:00AM
PR Newswire (Canada)
BURNABY, BC, June 29, 2018 /CNW/ - Taiga Building Products
Ltd. ("Taiga" or the "Company") (TSX: TBL) announces
that it has amended and renewed its senior secured revolving credit
facility (the "Facility") with a syndicate of lenders led by
JPMorgan Chase Bank and including the Bank of Montreal, Scotiabank, TD Bank and HSBC Bank.
The Facility has been increased from $225
million to $250 million, with
an option to increase the limit by up to $50
million. The Facility also features the ability to draw on
additional term loans in an aggregate amount of approximately
$23 million at favourable rates,
which Taiga may utilize for future growth or expansion
opportunities.
The Facility will mature on June 28,
2023 and is secured by a first perfected security interest
in all real and personal property of the Company and certain of its
subsidiaries.
Trent Balog, President and Chief
Executive Officer of Taiga, commented: "We value the continued
support of our senior lenders. The expanded and renewed lending
facility reflects the strength of our business and provides us with
enhanced financial flexibility to pursue strategic opportunities as
they arise."
SOURCE Taiga Building Products Ltd.
Copyright 2018 Canada NewsWire
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